URGENT CRYPTO ALERT 🚨 DEFI DEAD AS CRAZY LAW PASSES

welcome to bitboy crypto home of the bid squad the largest and greatest crypto community in all the interwebs my name is ben every day on this channel i'll show you how to make money crypto if you like money in crypto then make sure to hit that subscribe button coming to you today from las vegas look at that terrible lighting behind me i can't even tell there's a whole city underneath there welcome uh had our beat up last night it went phenomenal we had about 500 people here at the venetian i love the venetians where i always stay got a host here dimitri always hooks me up uh so i'm here for the weekend hanging out starting the world series of poker tomorrow morning and the main event gonna be playing there so just a little update on what's going on here met a lot of cool people last night at the meetup we love doing those events check out instagram to see some ridiculous pictures of me wearing a gucci track suit okay guys i want to talk about this this is what i want to talk about today is bitcoin dead is defy dead this is the word on the street guys this is the word on the street that right now regulation is coming in in the infrastructure bill there were eight words in that infrastructure bill that were changed and elio is telling you it could be the worst thing in the history of mankind what's your notes maybe it could be um we have melton damires on on twitter talking about um how this is un-american what slipped into this infrastructure bill so what was it that that sneaked in that snuck in sneak or snuck or snooked i don't know whatever it is basically what it was and we talked about this infrastructure bill for a long time about how the broker language in it is very broad and people are worried about it was a bunch of hoopla over nothing but this this could actually be something this would be something that maybe we should be a little concerned about i i honestly i don't think so i'm gonna give my reasons at the end why i don't think we should be that concerned about it but here is what they're saying at first it might seem like a good thing they're now considering crypto to be cash they're considering crypto on the same level as cash now if somebody gives you 10 000 in cash what do you have to do you have to report that on your taxes but not only do you have to report that you received it you have to get the person's name their address their social security number their corporate id number uh their ein whatever it is you are responsible for coming up with all that information now let's move that over to crypto how does that work in crypto well if somebody sends you ten thousand dollars in crypto it's not that hard you know the person but what about decentralized finance what about these protocols that are set up for you not to receive the person's information because it is decentralized and it is private and the argument is that this is going to put uh you know crypto users in jeopardy uh because not only do you have to report it it's a criminal offense if you don't report it if you try to hide ten thousand dollar transactions it's not just bad on your taxes it's a criminal offense so is this something we're going to see in crypto to where this is considered to be criminal if you can't get the information from someone you're you're doing a decentralized transaction with then could you actually be liable for this and you know that look there is a certain responsibility of people in crypto and i think this is what elio was really trying to do uh great friend of the channel by the way we love elio um you know what he was really trying to do was let you guys know this is here let you guys know give you awareness that this is coming and this is not good meltdown demears what's she doing same thing what what did was brian armstrong saying uh you know at the end of last year about the steve mnuchin stuff he was making a big stink about it are they really going to change anything no but what they're trying to do is let you know these are the kinds of things that the the politicians are are trying to sneak past you they're trying to sneak past they're trying to see how much they can get away with they want to treat it as cash but but here's the thing we are moving very rapidly towards a changing world when it comes to money economy taxes digitalization borders remittances it's a different world these archaic rules and laws that are being made and slipped in they will not be enforceable now you could make the argument this is kind of how the banks like fight against d5 the thing about devi is you know i think maybe it's from the the matrix maybe where neo or morpheus talk about like an idea how you can't stop an idea and an idea is is the thing that man fears more than anything because when an idea sprouts you can't stop it it will only go as far as the people thinking of the idea push it that's decentralized finance decentralized finance it cannot be stopped now that the idea is there and people understand it they can try to stop it it's like kudzu it will grow and grow and grow and the more they try to stomp it out and that's what makes ideas so hard is because the more you try to stomp them out the and we've seen this with bitcoin the more fervent the people behind them become you cannot stop decentralized finance you cannot stop bitcoin because not stop crypto so you could say this would be a last-ditch effort from maybe the banks or the politicians who were in the pockets of the banks maybe to stop defy bank of america said they weren't worried about bitcoin that's like worried all right they're not worried about bitcoin they're worried about defy but that doesn't mean they can stop it what these institutions and these powerful people at the top what they want is they want to buy themselves time to get a bigger stake and more control in the economy of crypto so that's what a lot of this stuff is it is meant to scare you it's meant to make you believe the future you know crypto has no future but none of this is true we all know this we've seen the rapid progression we've seen in china where they banned crypto and they turned around and said uh we actually think that was a terrible idea why because they realized they can't actually ban crypto they can't actually ban crypto mining they can do their best they can try they can make it harder they make on and off ramps harder to get in and out of crypto but they cannot stop it it's literally impossible it's decentralized by its very nature it's impossible so now if the government were to attack uh your or your criminality with your with the irs with taxes this is what people are scared of i know people are terrified of the irs like you mention irs i'm like oh god oh god just pay your taxes you know like just pay your taxes and do what you're supposed to do and you won't get in trouble and that's what we always encourage people to do on this channel but you know there's no reason really for you to be terrified of the irs unless you're doing stuff that you shouldn't be doing if you're complying they don't have time to really to really go after you and so you know what we're already seeing with crypto is that the irs has already bitten off way more they can chew when it comes to uh you know trying to to to get people to pay back taxes for crypto it's already a bigger thing they've had to hire so many more people to try to go over that stuff and at the end of the day this is not going to be enforceable that's why i'm not worried about this we're moving brian armstrong suggested this uncle brian now i will say i suggested this for much longer than uncle brian has um but uh you know we need a separate commission for crypto the the sec is not going to cut it the cftc is not going to cut it we need a different commission set up just for digital assets and i think that's why a lot of the laws that you're seeing right now in a lot of the language it's not even going to matter in three to four years because they're going to have to have it their own commission and then that commission will be the ones to make the rules and that's when we should start paying attention but you know just like with the broker stuff that was in the infrastructure bill it's not enforceable the the the enforcing body of that which i i think i can't even remember who it is supposed to enforce that broker language so i can drop it in the chat they already said we're not going to enforce it like that like we can't we can't enforce it the way that it's written and they know that so even though it went in the bill without language it wasn't getting enforced this is going to be the same thing it's just posturing so should people be alarmed about this no you should not be alarmed about this at all should you be aware that this is taking place that way we are able to hold people accountable and politicians accountable so it doesn't you know hit a runway and take off yes you need to be aware you need to do your proper due diligence you need to contact your congressman or your senator i actually don't think that stuff matters to be honest with you all that matters is how much of an uproar the crypto community makes about stuff like this so what a lot of these people try to do is they try to get out of their brain so it's really bad about this they get out there they just try to stoke a fire that raises awareness towards these types of things happening so no crypto's not over devi is not dead bitcoin is fine crypto is fine next week we're gonna see bitcoin hopefully start moving up uh you know as we had closer to 80 to 90 to 100 000 in the month of november you know hopefully with the bluff top somewhere in the first week or two of december that's what i'm looking for a lot of analysts are saying they believe this is coming all right guys that's all i got for today i know it was like kind of a philosophical video today talking about politics a little bit and the politics of crypto drop your comments down below and let me know what you think are you scared of this that's all i got be blessed wish me luck in the wsop tomorrow

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